On Thursday the company announced that it ultimately priced its stock at $15 per share, raising $150 million in the IPO. With 98.9 million shares left outstanding, the company had an implied valuation of $1.48 billion. That's above the company's reported $852 million valuation from last year.

Based in Bellevue, Wash., Smartsheet was founded in 2005 and had 787 employees at the end of January. Investors include Insight Venture Partners, Madrona Venture Group and Sutter Hill Ventures. Competitors include Atlassian, which went public in 2015, along with Alphabet and Microsoft.

Smartsheet is debuting on public markets on the same day as fellow enterprise software company DocuSign.

Silicon Valley technology giants such as Facebook and Google have grown so dominant they may need to be broken up, unless challengers or changes in taste reduce their clout, the inventor of the World Wide Web told Reuters.